Capitalism
Capitalism
Capitalism (/ˈkæpɪtəlɪzəm/; from Latin caput, 'head') is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.
Etymology
The term "capitalism" in its modern sense is often attributed to Karl Marx. In his Das Kapital, Marx analyzed the "capitalist mode of production" using a method of understanding today known as Marxism. However, Marx himself rarely used the term "capitalism" while it was used twice in the more political interpretations of his work, primarily authored by his collaborator Friedrich Engels.
Related Terms
- Private Property: In the context of capitalism, private property refers to capital or the means of production owned by private individuals or corporations.
- Profit: The financial return or gain achieved through the process of capital accumulation in a capitalist economy.
- Capital Accumulation: The dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains.
- Competitive Markets: A type of market where multiple sellers offer their goods or services in a transparent manner, allowing consumers to freely choose from them based on their own preferences.
- Price System: A component of any economic system that uses prices expressed in any form of money for the valuation and distribution of goods and services and the factors of production.
- Wage Labor: The socioeconomic relationship between a worker and an employer, where the worker sells their labor under a formal or informal employment contract.
External links
- Medical encyclopedia article on Capitalism
- Wikipedia's article - Capitalism
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